Oil Prices Fell after Significant Increase of the Last Week
OREANDA-NEWS. Oil prices of benchmark marks are declining on October 12 after a large increase of the past week. The cost of December futures for Brent oil on the London ICE Futures by 5:22 UTC was 42.47 US dollars per barrel, which is 0.38 dollars (0.89 %) below the price at the close of the previous session. The price of futures for WTI oil for November in electronic trading on the New York Mercantile Exchange by this time was 40.24 dollars per barrel, which is 0.36 dollars (0.89 %) below the level of the previous session. Last week, Brent rose by 9.1 %, WTI by 9.6 %.
On October 9, the Norwegian Oil & Gas reached an agreement with the trade union Lederne, ending a strike in some fields that had lasted since September 30. Earlier, the union’s actions led to a decrease in production by 330 thousand barrels per day.
Oil and gas companies working in the Gulf of Mexico have begun assessing damage from the hurricane Delta to carry out necessary repairs and recover production. As of Sunday, over 91 % of the oil production capacity in the Gulf has been stopped.
On October 11, the national oil company of Libya announced the resumption of production at the largest oil field in the country.